Global LED Street Light Market Report and Forecast 2024-2032

Global LED Street Light Market Outlook

The global LED street light market size was around USD 16.12 billion in 2023. The market is further projected to grow at a CAGR of 26.3% over the forecast period of 2024-2032.

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The global LED street light market is being driven by the rising environmental concern and the growing demand for eco-friendly products. The rapid technological advancement is further supporting the LED street light industry growth globally. As LED street lights are energy-efficient and cost-effective, they are increasingly being adopted for several outdoor lighting applications. As compared to the conventional lights such as fluorescent and incandescent lights, these lighting options consume almost 50-70% less electricity. Thus, their use in places like urban areas, small-town main streets, commercial districts, interstate highway interchanges, and rural intersections is witnessing a healthy growth. 

Their use in developed as well as developing nations are experiencing a significant growth owing to the rising awareness regarding climate change. In India, a developing region, the government has taken various initiatives for the promotion and distribution of LED bulb under domestic efficient lighting programme, while in the United States, the New York State Energy Research and Development Authority (NYSERDA) project aims to create a more affordable pathway to LED street light conversion in the country. Such trends are expected to have a positive impact on the global LED street light market in the coming years.

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LED Street Light Market Segmentation

With the evolution of LED technology, the production cost of LED lighting has reduced, offering simultaneous improvements in their efficiency and performance. These enhancements are leading to the incorporation of streetlights with energy-efficient, modern LED systems, thus utilising this technology for lighting roadways and exterior areas. This has further resulted in the development of connected city lighting networks. LED streetlights, being cost-effective and environmentally friendly, are considered as one of the best lighting alternatives for traditional streetlights. 

On the basis of applications, the LED street light industry is divided into:

• Retrofit
• Retail and Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Industrial
• Others

The report also covers the major regional markets in the global LED street light market, which include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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LED Street Light Market Analysis

The global LED street light market is being supported by the rising environmental concern and growing awareness regarding the benefits of LED lights over traditional lights, such as compact fluorescent and incandescent lamps. Further, the growing industrialisation and rapid urbanisation, particularly in the emerging economies, is leading to the development of the smart cities. The development of the smart cities is one of the major trends driving the growth of the global LED street light industry. 

LED street lights have a longer life span and consume lower energy than traditional lighting systems, which is leading to their increased installations across the globe. Further, with the rapid advancement in technology, the development and incorporation of connected LED street lighting in smart cities projects, is boosting the industry growth. The deployment of connected street lighting systems through a mobile network with a Centralised Management System (CMS) allows city managers to control as well as monitor lighting assets remotely. Thus, the benefits offered by connected LED street lighting system has resulted in its growth, further becoming a preferred choice for use among consumers.  

Moreover, stringent government regulations pertaining to the use of sustainable products, are providing a boost to the industry. For instance, as of September 2020, the Government of Malaysia has announced that it will replace all the streetlights in the region from incandescent/fluorescent bulbs to LED lights. Such initiatives are expected to further aid the global LED street light industry over the forecast period.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global LED street light market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• XtraLight
• Niland
• Pemco Lighting Products, LLC
• Pkk Lighting, Inc
• Eaton
• NIPSCO Inc
• Wendel
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report